Again, Investors’ Demand for Dangote Cement Push Stock Market Index across 104,000

Again, Investors’ Demand for Dangote Cement Push Stock Market Index across 104,000

Kayode Tokede

The stock market yesterday opened the new week on sustained bullish sentiment as increased investors’  demand for Dangote Cement Plc pushed the major market index above the 104,000 basis points mark.

As the stock price of Dangote Cement gained 9.93 per cent or N68.90 per share from N694.10 to N763.00 per share, the Nigerian Exchange Limited All Share Index (NGX ASI) gained 2,272.79 basis points or 2.22 per cent to close at 104,674.67, from 102,401.88.

Consequently, the market capitalisation gained N1.244 trillion to close at N57.282 trillion, from N56.038 trillion as Dangote Cement crossed N13 trillion in market capitalisation.

Precisely, the stock price of Dangote Cement gained N1.17 trillion yesterday, to sustained its trajectory since Mr. Femi Otedola bought into company on the Exchange.

However, as measured by market breadth, market sentiment was negative, as 24 stocks gained  compared to  38 losers.

Oando recorded the highest price gain of 9.96 per cent to close at N13.80 per share. Dangote Cement followed with a gain of 9.93 per cent to close at N763.00, while Tripple Gee and Company rose by 9.89 per cent to close at N3.11, per share.

Berger Paints was up by 9.81 per cent to close at N17.35, while Royal Exchange appreciated by 8.97 per cent to close at 85 kobo, per share.

On the other hand, DAAR Communications and Ikeja Hotels led the losers’ chart by  shedding 10 per cent each to close at 81 kobo and N6.75 respectively. Cadbury Nigeria followed with a decline of 9.80 per cent to close at N20.70, per share.

NPF Microfinance Bank depreciated by 8.88 per cent to close at N1.95, while Ellah Lakes declined by 8.48 per cent to close at N3.02, per share.

The total volume traded rose by 32.84 per cent to 689.928 million units, valued at N25.938 billion, and exchanged in 15,887 deals.

Transactions in the shares of Japaul Gold & Ventures topped the activity chart with 83.865 million shares valued at N269.573 million. Transnational Corporations (Transcorp) followed with 42.804 million shares worth N690.449 million, while Zenith Bank traded 34.541 million shares valued at N1.462 billion.

Analysts at United Capital Plc had said they  expected  positive investors’ sentiments to dominate the local equities market as the full year 2023 earning season comes to full swing.

“This will essentially be subject to the financial performance of listed corporates in full year, 2023. We strongly anticipate impressive outings among banks given the impact of the Foreign Exchange (FX) revaluation gains and elevated interest rate environment in 2023.

“Thus, we expect an increased appetite among investors for corporates in the financial services sector, particularly the Banks,” they said.

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